KPMG fined £3.4m over Rolls Royce audit failings May 24, 2022 Big four firm KPMG has been fined £3.4m over its audit of Rolls Royce. The company was slapped with the penalty by the financial regulator over its failings to address problems at the company in a 2010 audit. This is the fourth fine imposed on KPMG in 2022 according to the FT. The Financial Reporting [...]
KPMG to make unconscious bias training compulsory for UK staff May 22, 2022 KPMG is set to make unconscious bias training compulsory for its 15,800 staff, just a year after company chairman Bill Michael stepped down from his position after saying he does not believe unconscious bias training works. The auditor’s plan could see staff stripped of their bonuses and come under scrutiny from their bosses, if [...]
KPMG should take blame for Carillion scandal, not junior accountant Pratik Paw, critics say May 20, 2022 Critics have said the Big Four accountancy firms should flatten their hierarchies and ensure junior colleagues are able to challenge their superiors, to ensure low ranking workers are not blamed for accounting scandals. The comments come as regulators have called for KPMG junior Pratik Paw to be fined £50,000 over his role in the scandal [...]
KPMG plans to hikes fees by up to 20 per cent due to higher cost of staffing May 19, 2022 Big Four accountancy firm KPMG has warned clients it is planning to substantially increase its audit fees, in order to pay for higher salaries. The auditor told its clients it plans to increase fees by between 5 per cent and 20 per cent due to facing higher costs linked to new industry rules and the [...]
UK’s audit sector trade bodies would not object to giving Big Four fines to the government May 19, 2022 Two of the UK’s biggest audit industry trade bodies have said they would welcome any plans to see money raised through fines against auditors given over to the UK government, in order to fund Britain’s regulatory bodies. The Institute of Chartered Accountants in England and Wales (ICAEW) and Association of Chartered Certified Accountants (ACCA) both [...]
Bad at maths? The cost of Britain’s poor numeracy skills is no laughing matter May 19, 2022 Our nation’s poor report card for numeracy skills has been a longstanding challenge, and the current cost-of-living crisis is making that even more apparent. We all use numbers to navigate day-to-day life – from understanding interest rates to working out value for money while shopping. Nearly half of the UK’s working population has the numeracy [...]
Deloitte, KPMG, PwC and EY push further into India as all Big Four firms go on aggressive hiring spree May 19, 2022 The big four professional services firms—Deloitte, KPMG International Coop (KPMG), PricewaterhouseCoopers International Ltd (PwC) and Ernst & Young Global Ltd (EY)—seem to be focusing on India for recruitment since the start of 2022. Among the four, EY had the highest job postings for India during the first qaurter, followed by Deloitte, PwC, and KPMG, respectively, [...]
Digital is eating the world, but… May 18, 2022 Crypto AM columnist Dr Chris Kacher explains why patience is the key to successful cryptocurrency trading.
KPMG drops embattled property firm Adler as client following allegations of wrongdoing May 18, 2022 KPMG has dropped German property firm Adler as an audit client after refusing to sign off on its accounts last month. In a letter to investors, Adler chairman Stefan Kirsten said KPMG’s decision had come as a “great surprise” to the firm, as he said the firm is now searching for a new auditor. Kirsten [...]
Experts explore how leaders can foster a sense of personal belonging in an increasingly digital workforce May 18, 2022 Psychological safety is a critical driver of retention and performance. Karam Filfilan meets the experts to learn how leaders can foster a sense of personal belonging in an increasingly digital workplace Read May’s CA magazine now When employees feel valued, able to share ideas and challenge established thinking without fear of negative consequences, they become [...]